Trump Impeachment Inquiry Enters New Public Phase – Financial Times

The impeachment inquiry into Donald Trump will enter a new public phase on Wednesday as two career diplomats testify before Congress in a televised hearing that Democrats hope will convince Americans that the US president is not fit for office.

Angela Merkel Urges EU to Seize Control of Data from US Tech Titans – Financial Times

Angela Merkel has urged Europe to seize control of its data from Silicon Valley tech giants, in an intervention that highlights the EU’s growing willingness to challenge the US dominance of the digital economy.

Donald Trump Threatens Escalation of Trade War with China – Financial Times

President Donald Trump threatened a new escalation of the trade war with China, saying US tariffs on Chinese goods would be “raised very substantially” if no truce was reached with officials in Beijing. 

Hong Kong Police Warn City on ‘Brink of Total Collapse’ – Financial Times

Hong Kong is on the “brink of total collapse”, the territory’s police warned on Tuesday as a second day of violence pushed the five-month crisis towards a new and more dangerous phase.

U.S. Raises Prospect of Blocking Passage of WTO Budget – Bloomberg

The Trump administration ratcheted up its pressure on the World Trade Organization by raising the possibility of blocking the approval of the institution’s biennial budget and effectively halting its work starting next year.

Wall Street Bonuses Set to Drop as Banks Focus on Cutting Costs – Crain’s New York Business

Traders and bankers hoping a better-than-expected third quarter would boost their year-end pay are likely to be disappointed. Bonuses across Wall Street are poised to drop in 2019, according to a report Tuesday by compensation consultant Johnson Associates Inc.

Regulatory News

Trade Organizations call for Extension of Temporary Equivalence and Recognition of UK CCPs – FIA

On Tuesday, 14 financial services trade associations wrote to European Commission Vice President Valdis Dombrovskis to highlight the need for an urgent extension to the temporary equivalence determination for UK central counterparties (CCPs).   

BRICS Nations to Study Adding Countries to Development Bank – Reuters

Leaders of the BRICS group of leading emerging economy nations meeting this week will discuss opening their development bank to other countries to increase its capital to fund infrastructure and other projects, diplomats and the bank’s head said.

Reserve Bank Gets the Money Printers Ready – Australian Financial Review

The Reserve Bank of Australia is edging closer towards deploying unorthodox monetary stimulus such as buying government bonds, and the bank has announced that governor Philip Lowe will dedicate a speech to the topic.

Crypto News

Association for Digital Asset Markets Releases Code of Conduct to Define a Consistent Framework Across Digital Asset Markets – BusinessWire

The Association for Digital Asset Markets (ADAM) published its Code of Conduct to promote integrity, fairness, and efficiency in digital asset markets. All ADAM members plan to sign the Code in early 2020 and adhere to its principles, and its release marks a necessary step for the industry to lead the way in setting high standards of conduct. 

CME Says It Will Launch Bitcoin Options in January – CoinDesk

Derivatives exchange CME Group has announced it will launch options on its bitcoin futures contracts in January.

Bakkt Seeks Approval to Offer Cash-Settled Bitcoin Futures in Singapore – CoinDesk

Bitcoin futures market Bakkt intends to expand from its current physically-settled offerings to cash-settled futures before 2020.

Bequant Partners with Avelacom – Profit & Loss

Bequant, a cryptocurrency exchange with prime brokerage services, is now offering crypto market participants faster access to its market infrastructure via Avelacom’s low latency network.

Company News

Ramchandani Seeks Reinstatement at Citi as Part of Unfair Dismissal Case – FXWeek

Former Citi foreign exchange trader Rohan Ramchandani seeks reinstatement or re-engagement at the bank as part of the unfair dismissal case that kicked off on November 12 at the East London Employment Tribunal.

BNY, Goldman, HSBC Lag in Mid-Cycle Stress Tests – Risk

Internal stress tests imply large US banks could withstand a financial crisis, though some predict their capital could drop perilously close to regulatory required minimums.

Integral Teams Up with Jefferies for TrueFX Launch – Profit & Loss

Integral has partnered with Jefferies to launch a new liquidity network called TrueFX, which aims to leverage the former’s technology and the latter’s credit intermediation services to reduce trading costs for buy side firms, which includes retail brokers, macro hedge funds, prime of primes, and regional banks.

Spotex Adds INTL FCStone as Prime-of-Prime – Profit & Loss

Spotex has signed INTL FCStone to provide prime services enabling clients to access the firm’s ECN. The addition comes as Spotex is launching a slate of new products and services to the brokerage and fund manager market segments.

Market Savvy

Swiss Franc Climbs to One-Month High vs Euro as Hedge Funds Cut Bets – Reuters

The Swiss franc rallied to a one-month high against the euro on Wednesday as hedge funds unwound some of their negative bets against the currency and as appetite for risky assets faltered due to the intensifying unrest in Hong Kong.

Chile’s Peso Slides to Record Low Amid Protests – Financial Times

Chile’s peso plummeted to a record low on Tuesday, as mass protests against the government intensified and the prospects of any resolution to the worst civil unrest in decades dimmed.

Sterling Edges Down from Six-Month High vs. Euro as Brexit Party Boost Ebbs – Reuters

Sterling inched down from a six-month high against the euro and was a touch softer against the dollar on Tuesday, as a boost from the Brexit Party’s decision not to contest previously Conservative-held seats in Britain’s upcoming election faded.

Fed’s Election Year Challenge: Is Slowing U.S. Job Growth a ‘Material’ Change? – Reuters

Having guided interest rates lower this year and declared a stopping point, Federal Reserve officials face a potentially volatile election year problem if U.S. job growth slows in coming months as many expect it will.